Market Closes - July 27, 2020
Posted on Jul 27, 2020Corn Sep -1 325 (323-27); Dec unch 334 (332-36)
Bean Aug +2 906 (901-09); Nov unch 900 (895-904)
Meal +2 292 (289-95)
Oil -20 2960
Wheat Sep -12 528 (526-39); Dec -10 535; Jly21 -6 545
KC -10 439; MGE -7 508
Oats +1 287
Rice -16 1164
LC Aug -90 10042; Oct -127 10382; Dec -125 10807
FC Aug -270 13935; Oct -212 14067; Jan -35 14067
LH Aug +55 5455; Oct +60 5075; Dec -37 5155
Milk Aug +39 2214; Sep +30 2045
Corn and soybean futures ended steady while wheat futures dropped sharply. Corn and beans were pressured by favorable weather and weekly export inspections on the low side of expectations. Beans got a lift from the 10th straight day of export sales announcements. This steady sales pace does not mean big sales that might push futures much higher. August soybeans gained on new-crop contracts again today. Tonight’s crop ratings show 3-point improvements for both corn and soybeans in the good/excellent category. This is better than the trade expected – maybe 0-1 point improvements. Tonight’s 6-10 and 8-14 day NWS outlooks shows normal to below-normal temperatures, with mostly normal to below-normal rainfall.
Wheat futures opened lower Sunday evening and just kept working lower all the way to the close. Some increased production estimates for the Ukraine/Black Sea areas led the market to reverse a chunk of last week’s gains. The US Dollar has broken support and further weakness is supportive of commodity prices.
U.S Crop Progress
Corn is 82% silked vs 59% last week and 75% 5-yr avg.
Corn is 22% in dough vs 9% last week and 17% 5-yr avg.
Soybeans are 76% blooming vs 64% last week and 72% 5-yr avg.
Soybeans are 43% setting pods vs 25% last week and 36% 5-yr avg.
Winter Wheat Harvest
81% harvested, compared to 82% 5-yr avg.
U.S Crop Conditions
Crop Good/Exc Poor/V.Poor
( ) change from last week.
Corn 72%(up 3) 7%(down 1)
Soybean 72%(up 3) 6%(down 1)
Pasture 36%(up 1) 30%(down 4)
LC Aug -90 10042; Oct -127 10382; Dec -125 10807
FC Aug -270 13935; Oct -212 14067; Jan -35 14067
LH Aug +55 5455; Oct +60 5075; Dec -37 5155
Cattle futures closed lower with feeders posting big losses in the Aug/Sep/Oct FC contracts. Given Friday’s Cattle on Feed Report was considered neutral to slightly friendly, and boxed beef values were firm, it wasn’t surprising to see LC and FC open strongly higher this morning. However, futures quickly reversed direction and worked their way lower the rest of the day. This price action resulted in very negative chart patterns, which hopefully will not be followed through with selling tomorrow. Choice beef rose .78 to 202.55 and Select fell .50 to 190.13. Load count was very light at 94. Cash trade is not established. Last week’s 5-market average was $97.23/cwt live and $158.10 dressed. Weekly beef production of 537.3 million pounds was only down .2% from a week earlier.
Lean Hog futures closed mixed – higher in the Aug/Oct contracts and lower in the deferred ones. August and October LH closed in the upper range. Gains were limited despite strong pork demand and a morning pork cutout that was up 6.07/cwt. LH futures are at a premium to cash. FOB Plant Pork was up .77 to 71.30. Loin was the only primal which lost value – down 2.87 to 69.81. Ham and belly value rose around 3 percent; butt value gained over 4 percent. Last week’s pork production of 550 million pounds was 2.5% above the previous week. The national base carcass price of 53.95/cwt was up 6.3% for the week.
US$ -.7% 93.67
Dow +115 26585
SP +24 3239
NAS +173 10536
Tran +87 9817
VIX -1.1 24.74
WTI +37 41.66
Brent +.19 4353
Gas -1 125
NG -8 178
HO unch 127
Eth -3 111
Gold +39 1937
Slvr +1.88 24.73
2-yr +.004 0.153%
5-yr +.013 0.287%
10yr +.026 0.615%
30yr +.020 1.259%
“Across Kentucky” podcast - Click Here
KENTUCKY CASH GRAIN PRICES – Click Here
KENTUCKY LIVESTOCK AUCTIONS -- Click Here
Comments